Homebuyer Dream Program (HDP) Information for First-Time Homebuyers
- The HDP offers grants up to $15,000! The FHLBNY will grant up to $14,500 towards down-payment and closing cost assistance to eligible first-time homebuyers purchasing a home through one of our approved community-based, member-lenders. Additionally, the Homebuyer Dream Program also offers up to $500 towards the defrayment of homeownership counseling costs which will be provided for the use of the household via the member to the non-profit housing agency. The amount of the defrayment will be added to the grant.
- To be eligible:
- Applicant must be a first time homebuyer, per HUD’s definition
- Complete a HUD-certified homebuyer education course and receive certificate. (Dated within 18 months)
- Minimum personal savings requirement of $1,000
- Purchase an eligible property type: 1-4 family home, Condominium, Cooperative, Manufactured home permanently affixed to a foundation (2-4 Family Units must include 75% of projected rental income).
- Household Annual Gross Income must be less than 80% of the county in which the household is purchasing, adjusted for household size
- Homebuyer Dream Program Guidelines